State Bank of India (SBI) Bank offers all its account holders an overdraft facility with minimum interest rate.
SBI Overdraft against Time Deposit
SBI offers its overdraft facility to the customers who hold time deposit or FD. Customers can get up to 90% of the FD amount as an overdraft. Through such overdraft, they can meet their emergency expenses and other needs. Overdraft facilities by the SBI are provided against some type of security, here against an FD.
Interest Rate of SBI Overdraft against Time Deposit
1% above relative time deposit rate
SBI Overdraft Fees and Charges
Key Features of SBI Overdraft against Time Deposit
- SBI Overdraft against Time Deposit is a secured type of an overdraft
- A borrower can draw upto 90% of FD by way of overdraft
- Borrower can repay the outstanding as per his convenience
SBI Online Overdraft against Deposit
SBI provides an overdraft facility against existing NRE / NRO fixed deposit through internet banking. Persons having their FD accounts in single name only are eligible for this type of online OD faciity.
SBI Overdraft Salient Features
- Account holder of SBI holding NRE / NRO deposit account in single name can avail SBI's overdraft facility against Deposit online via YONO app
- Applicable interest rate on overdraft will be 1% more than the linked deposit
- It is a secured overdraft
- Processing fee is nil to avail this facility
- Suitable repayment schedule is designed under this facility
SBI Overdraft Eligibility
- SBI Online OD against Deposit is available to customers having NRE / NRO Fixed Deposits in single name only. This FD can be of TDR / STDR / eTDR / eSTDR type.
- FD should be with a minimum residual period of 6 months. Joints holder FDs are not eligible for overdraft under the scheme.
SBI Overdraft Limit
- TDR (Term Deposit Receipt) /eTDR: 75% of the face value of deposit
- STDR (Special Term Deposit Receipt)/eSTDR: 90% of the face value of deposit
SBI Overdraft AmountMinimum: Rs. 25,000
Maximum: Rs. 5 crores
Process of applying for SBI Online Overdraft against Deposit
You need to go through following process for applying for SBI Online OD against Deposit:
- Login to your INB account
- Click on 'e-Fixed Deposit' tab
- Click on 'Overdraft against Fixed Deposit' from the column on left hand side
- Select the FD against which you want to open overdraft
- Proceed further as asked by the application
SBI Overdraft Tenure
- TDR (Term Deposit Receipt) /eTDR: 3 years or remaining maturity period of FD (whichever is lower)
- STDR (Special Term Deposit Receipt)/eSTDR: 5 years or remaining maturity period of FD (whichever is lower)
Note: The monthly/ quarterly/ half yearly interest payable on TDR/eTDR will continue to be credited to the account.
SBI Overdraft FAQs
The minimum amount that can be availed under SBI Overdraft is Rs. 5,000
No. Presently, there is no provision for closure of overdraft account through internet banking.
Cut-off time for the online opening of overdraft facility is between 8:00 hrs to 20:00 hrs IST.